If you are a cryptographer or an avid reader of spy fiction, then you would know that data can be embedded into an image and transmitted across the internet without raising suspicions. But here, we are focusing on the security of Bitcoin wallets and effective ways of protecting the private keys and passwords.

One of the members on BitcoinTalk, Wisdom Oparaocha who goes by the screen name NyeFe has published a new open source security standard for securing Bitcoin cold wallets. The project called SSI Bitcoin Storage described by the original poster (OP) is said to use two cryptographic techniques, AES 128-bit encryption and Steganography to secure the wallet information.

According to NyeFe, the implementation of CryptoStandard SSI Bitcoin Storage Protocol involves the following steps,

Step 1 – Creation of a Bitcoin wallet, where the wallet addresses are generated offline to prevent any leaks.

Step 2 – The wallets created should be encrypted using AES 128-bits X2,…